South Africa’s economy grew by 0.6% in the second quarter of 2014, Statistics SA said on Tuesday.<\/p>\n
This was compared to a 0.6% decrease in the real Gross Domestic Product (GDP) in the first quarter of the year.<\/p>\n
The GDP is the total value of goods and services produced in an economy in a certain time period.<\/p>\n
The main contributors to the increase in the second quarter of 2014 were general government services and the transport, storage, and communications industry, each contributing 0.4 of a percentage point, and finance, real estate, and business services with 0.3 of a percentage point.<\/p>\n
Sectors which experienced declines included the mining and quarrying industry, with a 0.4 percentage point decrease and the manufacturing industry, with a 0.3 of a percentage point decrease.<\/p>\n
Nominal GDP at market prices in the second quarter of 2014 was R891 billion, which was R17 billion more than the first quarter of 2014.<\/p>\n
The unadjusted real GDP at market prices increased by one percent year-on-year.<\/p>\n
SA economy shrinks 0.6% in first quarter<\/strong><\/a><\/p>\n SA economy heading for recession: economist<\/strong><\/a><\/p>\n